Debt Acknowledged in Balance Sheet Extends Limitation: CIRP Allowed

Canara Bank Vs Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited (NCLT Chandigarh) The National Company Law Tribunal (NCLT), Chandigarh, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for a default amount of approximately ₹283.95 crore. The financial creditor had established that loans were sanctioned and disbursed under a consortium arrangement, and defaults in repayment began from December 2015, with the account classified as a Non-Performing As...